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Wartime fuel shortages spawn panic, robberies and killings in Asia The Washington PostDrive slower, work from home and ditch the tie: the world responds to Iran war energy crisis theguardian.comStopgap measures aren't enough to halt rising gas prices as the world scrambles for more oil AP News‘Like relying on a drug dealer:' the world's dependence on oil and gas has exposed a dangerous vulnerability CNNThe Iran conflict's energy shocks
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Are you thinking of retiring soon? Perhaps earlier than you had planned years ago? A potential hurdle could be the incentives set up by the Social Security Administration - they calculate your benefits to reward you for staying in the workforce.
But if you are looking to take an early retirement, you're not alone.
SEE MORE What If I Retired Today?
In the first 15 months of the COVID pandemic (March 2020-May 2021), about 2.5 million Americans retired. That was about twice the number of people who retired in 2019. This means there were essentially 1.2 million fewer people in the workforce over the age of 55 than would otherwise be expected.
First, find out what Social Security benefits you can expect
For anyone born in 1943 or later, your full retirement age, as defined by the Social Security Administration, is between age 66 and 67, based on your birth year. If you're contemplating retiring before that, it's important to know that the Social Security program has been orchestrated to incentivize beneficiaries to delay claiming benefits. Specifically:
If you start taking benefits at age 62, your Retirement Benefit will shrink by 25% to 30%, depending on your birth year. That's because your lifetime annual benefits are decreased by approximately 8% for each year prior to your full retirement age you start to claim them.Conversely, your lifetime annual benefits increase by 8% for each year past your full retirement year if
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